A Note
from Sergio
The ability to grasp the complex nature of a mature wine is
the highest achievement attained by a committed wine drinker,
providing a reward incomparable to any other. It is mature
wines that inspired Hemingway and Franklin's passion for wine-not
two-year-old Merlots.

That said, however, they are not for everyone; nor should
they be. In order to comprehend them fully, one must exercise
great patience and vigilance in developing an extensive frame
of reference with respect to the wines, an undertaking that
is too time-consuming and expensive for most. In my experience,
only a few enthusiasts cultivate the skills necessary to realize
such nuanced appreciation. Wine writers, who so skillfully
evoke the future of our wine culture, largely ignore older
wines, referencing them only when convenient. These older
wines, however, constitute the raison d'etre for a
small, though fiercely committed audience.

A consumer's frustration when exploring the realm of
old wine is further exacerbated by the high
probability that a mature wine is unsound. The
vintage business is mostly a crapshoot, with most
involved knowingly selling bad wines under the
"caveat emptor" adage, rendering it tacitly
acceptable. If disappointed, a buyer's only recourse
is to send the remaining bottles to auction, thereby
continuing the cycle. Buyers may also contribute to
their own disillusionment, desiring to experience
the thrill of finding mind-boggling 50-year-old
wines for $60.00; invariably, they end up paying too
much. You'll hear them say, "I want to drink great
old wines, but I don't want to pay a lot for them."
I always reply, "I'd like to own a Ferrari and not
pay a lot." Consider that proper storage of a bottle
at a cost of 42 cents per month for 30 years is
about $150.00 Should great old wines cost any less
than that?

Today I am presenting a list that contains neither
bottles offered under that caveat emptor nor any
disappointments for those who hold genuine claim to
the identity of an old wine drinker. Each wine is
priced in proportion to its quality, with special
consideration afforded wines of high demand and
reputation.

Why is it that mature Italian wines taste better in
Italy? In part, the influence of ambience
contributes to their better showing, as does the
fact that they are spared the impact of turbulence.
However, the primary rationale is clear: While the
wines of Italy were often mistreated and
heat-damaged in the US (even by most importers),
American collectors pampered their big-name
Bordeaux
wines, tucking them away in climate-controlled
cellars that afforded them sanctuary until maturity
was reached. Only a handful of connoisseurs treated
Italian wines with the respect they deserved. For
this reason, I source all of the older wines I offer
directly from cellars in Europe, where culture's
dictates (which, in this case, really amount to
common sense) have ensured the placement of these
wines in cool conditions-no different than those
employed for cured meat or cheese.

With the ever-growing awareness of Italy's great
wines spreading daily-not to mention the cost of
proper cellaring -you can be certain that prices
will continue to appreciate. I advise new collectors
to explore older wines whenever possible, develop a
frame of reference, and lay down newer vintages for
future enjoyment and a great return on your
investment. This is the only real way to have a
mind-boggling wine for $60.00.

Please note that many of the wines featured today
are available in very limited quantities and as a result
may not be offered on our website. To learn
more about the vintage wines below or to discover
recent releases for cellaring, call an IWM Portfolio
Manager at 212.473.2323.

The masculine, full-bodied Barolo displays elegance, depth,
and a wealth of tastes and aromas that are the exclusive province
of the Nebbiolo grape and its terroir. The prized vineyards
of Barolo sit in Piemonte's Langhe Hills, just southwest of
the town of Alba. Despite its marked rapport with Piedmonte,
Nebbiolo proves to be a difficult partner, a fact directly
implied by its provision of less than three percent of the
area's production. A demanding one, it requires significant
exposure to the summer sun and ripens very late in the season
(requiring harvest to take place towards the end of the October
and into November, thereby rendering rain an ever imminent
threat). Moreover, its sensitivity to soil variations and
climatic nuances within the parameters of an individual site
precludes it from being grown in certain areas in the most
revered vineyards. Such high-maintenance restraints, however,
provide for much of the fascination and allure of Barolo-
a fascinating and unique red that reveals unmatchable power
and aromatic complexity with age.

Note: Due to the limited availability of these Barolos,
most are not available through our website. For
more
information on these wines, please contact an IWM
Portfolio Manager at 212.473.2323, x114.

Barbaresco has become synonymous with the name Gaja-but the
"Queen of Wines" does not begin and end with this signature
label. The tiny Barbaresco DOCG resides northeast of Alba
and Barolo, producing only half the amount of wine that her
famous brother does. Barbaresco tends to be slightly finer,
less tannic, and more elegant than Barolo, and typically offers
greater approachability. These points of difference owe, in
part, to the Barbaresco zone's cooler climate and shorter
ripening period. It also has a lower alcohol level requirement
(12.5 percent compared to Barolo's 13 percent) and less stringent
aging requirements (Barbaresco ages for a minimum of two years
with at least one in barrel, while Barolo ages for at least
three years with a minimum of two in barrel).

Note: Due to the limited availability of these
Barbarescos,
most are not available through our website. For
more
information on these wines, please contact an IWM
Portfolio Manager at 212.473.2323, x107.

Brunello is the most recognizable name among Italy's collectible
wines, and is produced wholly from a clone of the Sangiovese
grape known as Grosso (accorded the name of Brunello
in the DOCG zone), the discovery of which is generally attributed
to Clemente Santi (whose grandson established Biondi-Santi).
Regarded as qualitatively superior to the strain of Sangiovese
used in Chianti, the inherent character of Sangiovese Grosso
is complemented by the Montalcino zone's Mediterranean climate,
which provides for a fuller, more generous expression of character.

Distinctions in climate and soil between the
northern and southern parts of the Montalcino zone
realize a well-delineated stylistic range. Nine
subzones comprise the Montalcino production area,
all of which offer distinct variations in altitude,
soil composition, and weather patterns. It is
beneficial to conceptualize the region in terms of
three territories-central, north, and south-broad
designations whose differences in altitude and
exposition account for discrete wine styles. The
northern zone evidences a cooler climate than that
of its southern counterpart, which offers a more
intense Mediterranean clime; the soils of the latter
are also sandier, a condition that facilitates the
rate of speed at which the grapes ripen. Speak to a
Portfolio Manager to discover which Brunello is
best for your palate.

Note: Due to the limited availability of these
Brunellos,
most are not available through our website. For
more
information on these wines, please contact an IWM
Portfolio Manager at 212.473.2323, x114.

The Tuscan hills are known for their great beauty and wines.
Here, noble Sangiovese displays her brilliance and numerous
personalities through the various strains that have adapted
to individual vineyards and microclimates. When blended with
complementary grapes she is capable of framing superb wines
which seem more familiar to non-Italian wine drinkers. Conquering
armies such as Napoleon's are responsible for bringing international
varietals to Italy, but it wasn't until 1944 that their presence
set the stage for Toscana's wine renaissance. That is when
Italy's first relevant traveling consultant, Tancredi Biondi
Santi, helped Mario Incisa della Rocchetta plant Cabernet
Sauvignon at his Tenuta San Guido estate a few miles from
the coast.

In 1968, Mario's cuvée of Cabernet Sauvignon and
Cabernet Franc was named Sassicaia and changed
the course of Italian wine. While tradition is Italy's
strength, it's important to recognize that it has
always welcomed change, and Italians' taste
preferences have always evolved. After all, Nebbiolo
of Barolo was used primarily to create a sweeter wine
until it was altered by Louis Oudart in the 1840s, and
the preferred wine of Montalcino during the 16th
century was the dry Vermiglio, which later lost favor
to the sweet Moscadelletto. The efforts of Tancredi
and Mario, though pioneering, were also a part of the
constant evolution of Italian wine that is necessary
but which suffers abuse at the hands of less
scrupulous winemakers. Building on the success of
the pioneering "Super" vini da tavola, Bolgheri and the
rest of Toscana experienced a proliferation of
international varietals. Even those who respect and
uphold tradition opened the door to change when
wines like Tignanello in 1971, Solaia in 1978,
Grattamacco Rosso in 1982, Sammarco in 1980,
Ornellaia in 1985, Guado al Tasso in 1990, and Vigna
d'Alceo in 1996 charted the course for Toscana's
success. The Super Tuscans featured here are
among the best Italy has to offer and are mandatory
staples for any enthusiast's cellar. In addition, we
are including Chiantis that prove that longevity is not
just restricted to Brunello and Super Tuscans.

Note: Due to the limited availability of these Tuscan
wines,
most are not available through our website. For
more
information on these wines, please contact an IWM
Portfolio Manager at 212.473.2323, x107.

In the opinion of Burton Anderson, "the greatness of Fiorano is a
secret shared by a few." The precious gems of this estate
represent the dedication and passion of the reclusive and
eccentric Alberico Boncompagni Ludovisi, Principe di Venosa.
Ludovisi passed his private cellar to Luigi Veronelli in order
to ensure that the wines would be afforded placement with
the appropriate individuals-those who would secure the future
of his story. His wish continues today, as the late Veronelli
left these vintage wines to IWM's Sergio Esposito, charging
him with the task of fulfilling his promise to Principe Ludovisi.

In order to honor this obligation and find serious
owners, IWM makes these wines available only within
the context of an extremely allocated assorted case.
The two whites being offered, the Bianco (made from
Malvasia di Candia) and Semillon, are
represented through a vintage range spanning 1986 to
1994, and are only beginning to show their great
destiny. We implore the recipients of these wines to
cellar a portion of their allotment up to 20 years,
enabling them to realize their consummate grace and
the continuation of the prince's story.

As with recent bottlings from Gravner, these wines
are not for everyone-rather, they represent true
cult wines for the connoisseur to cherish. Speak
with our Portfolio Managers to get a better
understanding of what you may expect from this
investment.

This Vintage Gravner offer is extremely rare. Due to limited
availability, the wines are presented exclusively in case
and six-pack samplers. Unlike the efforts characterizing Gravner's
recent production (1997 - 2001), these wines are not about
long maceration, aging in botti, or amphorae. They
are young, bright, and vibrant, defying the laws of winemaking
with their ability to age.

All of these wines derive from a period when Josko
abandoned his father's old botti, combining
stainless steel fermentation with barrique
aging. Three of these four wines- the Pinot Grigio,
Sauvignon Blanc, and Chardonnay-are pure varietal
bottlings and represent the last such expressions of
these grapes. While Chardonnay has time and again
proven its ability to age in other regions, even the
experienced wine drinker may be skeptical about the
aging potential of a Pinot Grigio or Sauvignon Blanc
dating back more than 15 years. However, Gravner
has
established their ability to realize viable maturity
over this timeframe. In fact, he does not plan to
release certain Riservas (made only in select
vintages from certain plots of old vines) from this
period in his career for years to come-a bold move
that is justified by the quality reflected in the
wines' current showings.

The fourth wine offered- Vinograd Breg-is the
most singular and best known of Gravner's wines.
Originally conceived in 1982, it was named in
recognition of the site where the fruit is grown.
For two years, 1990 and 1991, the wine was known
as
Bianco Gravner and was ultimately christened
Breg.

Note: These wines are extremely rare and are
available in limited quantities. They are not available
for online purchase - please call
Perry Porricelli at 212.473.2323, x102 to
inquire.